Global Solar PV Inverter Market Size to Exceed USD 16.8 Billion by 2032 | CAGR of 8.1%

Global Solar PV Inverter Market Size to Exceed USD 16.8 Billion by 2032

According to a research report published by Spherical Insights & Consulting, the Global Solar PV Inverter Market Size is to grow from USD 7.7 billion in 2022 to 16.8 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.1% during the projected period. Solar PV inverters are an integral component of any solar system. These inverters, which convert direct power to alternating current, thus determine the overall effectiveness of the solar system. The many types of solar PV inverters available take into account numerous aspects influencing the output of solar systems.

Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Solar PV Inverter Market Size, Share, and COVID-19 Impact Analysis, By Product (String PV Inverter, Central PV Inverter), By Phase (Single Phase, Three Phase), By End-use (Commercial & Industrial, Utilities), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here : https://www.sphericalinsights.com/reports/solar-pv-inverter-market

It is an electrical device that is used to replace a light bulb. Solar PV inverters are an important part of a larger solar system. The overall efficiency of the solar system is determined by the inverters, which convert direct current (DC) electricity to alternate current (AC). Solar PV inverters have distinct characteristics and features that account for the various factors that influence solar system production. Shade, roof orientation, roof inclination, summer vs. winter production, tilting panels, and a variety of other factors all play a role in the required output. The renewable energy industry has been extremely competitive with other electricity sources. According to the International Renewable Energy Agency (IRENA), these energy resources are expected to grow by an order of magnitude over the next 30 years. The two major reasons for this statement are the falling prices of solar components, which will allow more solar and wind power to be built, and the economic factors pertaining to solar power in the coming decades.

COVID-19 Impact

The renewable energy industry has been fiercely competitive with other sources of electricity. These energy resources are expected to grow by an order of magnitude over the next 30 years, according to the International Renewable Energy Agency (IRENA). The falling prices of solar components, which will allow more solar and wind power to be built, and the economic factors related to solar power during forecast period are the two major reasons for this statement.

The string PV inverter segment dominates the market with the largest revenue share over the forecast period.

Based on the product, the global solar PV inverter market is segmented into string PV inverters and central PV inverters. Among these, the string PV Inverter segment is dominating the market with the largest revenue share over the forecast period. These inverters are highly reliable, require little maintenance, and can be installed in a secure location. The inverters are integrated with large arrays installed on field installations, industrial facilities, and buildings, converting DC power from all PV panels to AC power and serving as a centralized distribution point. Two of the primary factors driving segment growth are lower initial costs and ease of installation. These inverters are long-lasting, have a high degree of design flexibility, are efficient, have three-phase design variations, and are well-supported (by reputable brands). Remote system monitoring is also supported by these inverters.

The three-phase segment is witnessing significant CAGR growth over the forecast period.

Based on phase, the global solar PV inverter market is segmented into single-phase and three-phase. Among these, the three-phase segment is witnessing significant CAGR growth over the forecast period. The growing importance of the power generation, distribution, and transmission sectors can be attributed to this expansion. Furthermore, the transition from 1,000-volt to 1,500-volt solar arrays resulted in larger PV power plants in large commercial, industrial, and utility installations, propelling the three-phase solar (PV) inverter market during the forecast period.

The utilities segment is expected to hold the largest share of the global Solar PV Inverter market during the forecast period.

Based on the end-use, the global Solar PV Inverter market is classified into commercial & industrial, utilities. Among these, the utilities segment is expected to hold the largest share of the Solar PV Inverter market during the forecast period. The most common PV inverter in the utility sector is the central and string inverter. The main drivers of the utility sector's growth are rising renewable energy demand, falling solar power and equipment costs, and emerging government subsidies. The presence of key players driving the segment's growth is the presence of key players who offer consumers industry-leading utility-scale solutions that provide higher efficiency and lower balance-of-system costs with their pre-integrated power stations.

Asia Pacific dominates the market with the largest market share over the forecast period.

Over the forecast period, Asia Pacific will hold the largest market share. China is a major global competitor and the largest contributor to this region's rapid growth in the solar market. A growing number of solar power plants in developing countries has also aided market growth in the region. Solar and wind will generate 12% of China's electricity in 2021, according to the Energy Information Administration (EIA). On the other hand, North America is expected to grow the fastest during the forecast period. The largest contributor to market growth is the United States. The US market for various types of PV inverters is significant. Recent inverter trends in the country include the dominance of three-phase string inverters of 60 kW or greater and central inverters of 1.5 MW or greater. Despite strong growth in string inverters in North America, central PV inverters are expected to retain the majority of market share during the forecast period.

Major vendors in the Global Solar PV Inverter market include Delta Electronics, Inc, Eaton, Emerson Electric Co., Fimer Group, Hitachi Hi-Rel Power Electronics Private Limited, Omron Corporation, Power Electronics S.L., Siemens Energy, SMA Solar Technology AG, SunPower Corporation and among others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2023, Delta Electronics, Inc., Eaton, Emerson Electric Co., Fimer Group, Hitachi Hi-Rel Power Electronics Private Limited, Omron Corporation, Power Electronics S.L., Siemens Energy, SMA Solar Technology AG, and SunPower Corporation are some of the companies that make up the Delta Electronics, Inc.

• In February 2023, SolarEdge Technologies Inc announced a multi-year agreement with Freedom Forever, a residential solar installer in the United States, to supply residential smart energy products and solutions. Freedom Forever will offer its customers the SolarEdge Home Smart Energy Ecosystem, which includes the SolarEdge Home Hub Inverter, SolarEdge Power Optimizers, SolarEdge Home Battery, Backup Interface, Smart Energy Devices such as the SolarEdge EV Charger, and Load Controllers, as part of the multi-year agreement between the companies.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global solar PV inverter market based on the below-mentioned segments:

Solar PV Inverter Market, Product Analysis

• String PV Inverter
• Central PV Inverter
• Others

Solar PV Inverter Market, Voltage Analysis

• Less than 1000 V
• 1000-1500 V
• Above 1500 V
• Others

Solar PV Inverter Market, End-Use Analysis

• Commercial & Industrial
• Utilities
• Others

Solar PV Inverter Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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